S. Korea to release some Green Belt areas for first time since 2008

The government is easing its green belt for the first time in almost 20 years as part of efforts to spur business investment to ultimately bolster economic development.

Our Choi Soo-hyung reports.

Green Belt restrictions will be lifted for some areas of the country for the first time since 2008.

"For the first time in 17 years, since 2008, more Green Belt land can be released. This will actively support national and regional industrial, logistics, and urban projects."

In the five-grade Green Belt system, the government will allow the release of Grade 1 and 2 areas, holding high conservation value.

These areas were not originally eligible for deregulation, but will be permitted only if alternative Green Belt areas are designated.

With this deregulation, the government plans to attract more business investments in the regions.

The goal is to develop 15 key regional projects in major cities across the country, excluding the Seoul metropolitan area.

The cities of Changwon and Ulsan, which had the high proportion of Grade 1 and 2 Green Belt areas, were selected for four and three sites, respectively.

Gwangju and Busan each received three sites, while Daejeon and Daegu were allocated one site each.

More than 10 out of the 15 selected locations will be used for industrial and logistics complexes.

The total area set to be released is 42 square kilometers, equivalent to about 5-thousand 9-hundred football fields.

35 percent of that are Grades 1 and 2, and the government plans to consider publicly owned land as alternative sites.

The total project will cost 27-point-8 trillion Korean won, approximately 19.4 billion U.S. dollars.

After the development procedures are completed, the deregulation will proceed gradually starting next year.

To prevent real estate speculation, these areas will be designated as land transaction permit zones, meaning any land transactions would require prior approval.

Moreover, the government will launch a 1 trillion won fund for 12 national strategic technologies, including semiconductors, artificial intelligence, and advanced biotechnology.

Choi Soo-hyung, Arirang News.